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Individual taxpayer: advance tax exemption

nba (abcd) (50 Points)

05 December 2011

Till last year individuals were exempted from advance tax payment if total tax payable is <=5,000 at end of the year. As per my knowledge this year onwards limit has been raised to 10,000. Please confirm. Which IT section covers Advance Tax?

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4 Replies

CA GOVIND KRISHNA AGARWAL (CA) (202 Points)
Replied 05 December 2011

please find the detailed provision related to Advance Tax

Attached File : 480190 880219 tm 16.pdf downloaded: 317 times

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nba (abcd) (50 Points)
Replied 08 December 2011

Information provided in the PDF file is wrong. Advance Tax exemption limit is Rs. 10,000 now. See section 208.

Brajesh gautam (student) (232 Points)
Replied 08 December 2011

yes , 5000 upto AY 09-10 , NOW IT IS 10000,

C.A. Jignesh N. Mehta (C.A.) (1030 Points)
Replied 08 December 2011

[Conditions of liability to pay advance tax.

208. Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is ⁷⁹[ten thousand] rupees or more.]

79. Substituted for “five thousand” by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009. Earlier “five thousand” was substituted for “one thousand five hundred” by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996.